Confluences: -Price is retracing to major a major resistance zone -Price is retracing to the 78.6 fib level -This is an impulse correction so we can see an impulse down -Additionally this pair has been in a downtrend and I'm expecting for a retest and continuation down
On monday I will wait for a 4hour break of structure (lower low and lower high) and enter on the lower high, taking this part all the way down to 1.62
Was doing analysis on that pair few minutes ago, an my analysis is way different from yours. I believe the price will continue to go higher till it finds resistance around 1.68211 and go back down to find support around 1.66653 and goes make a new high at 1.73624 an form an inverse heard and shoulders pattern. I'm not saying you are wrong or that I'm right, it's just a different opinion. Nice analysis
Fed02
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@vuyomgwen, That could be a possibility, I'll definitely be looking at that if that develops! On the weekly time frame it does look like a bullish candlestick. But let's see what monday shows us. Thanks for sharing your analysis, always enjoy getting another pov